A hand-held rotary cutter of the type contemplated herein is shown and described in U.S. Pat. No. 5,101,564, entitled "Hand-Held Cutter Having A Rotatable Circular Blade And Safety Guard," issued on Apr. 7, 1992. The rotary cutter of the type described in this patent generally includes a hand-held handle having a generally circular head mounted on one end which includes an internal cavity and a planar surface on each side. An activating member is pivotably mounted in the cavity for supporting a cutter blade on one of the planar surfaces of the circular head with the blade being retractable to a guarded position in close proximity to the planar surface of the head, and being movable in an arcuate path to expose the edge of the blade for cutting.